NorthStar Realty Finance Corp. (NRF) - NYSE
  • Fri, Jun. 3, 7:23 AM
    • Upon completion of the all-stock deal, NorthStar Asset Management (NYSE:NSAM) shareholders will own 32.25% of the new Colony NorthStar, Colony Capital (NYSE:CLNY) shareholders will own 33.25%, and NorthStar Realty Finance (NYSE:NRF) shareholders 33.9%.
    • NSAM owners, in addition to the regular quarterly dividend, will receive a special cash dividend of $128M.
    • Colony's Thomas Barrack will be Executive Chairman of the board, NorthStar's David Hamamoto will be Executive Vice Chairman, and Colony's Richard Saltzman will be CEO.
    • The companies expect about $115M in annual cost savings, $80M in cash and $35M in stock-based compensation.
    • Terms: NSAM shareholders will own one share of the new company for each share of NSAM they hold; Colony shareholders will receive 1.4663 shares of the new company stock for each share of CLNY they hold; NRF shareholders will receive 1.0996 shares of the new company stock for each share of NRF they hold.
    • Closing is expected in Q1 of next year.
    • A conference call is set for 10 ET.
    • Source: Press Release
    | Fri, Jun. 3, 7:23 AM | 65 Comments
  • Wed, Jun. 1, 10:23 AM
    • Previously a bull on both NorthStar Realty Finance (NRF -2.4%) and NorthStar Asset Management (NSAM -2.4%), FBR downgrades the duo to Market Perform from Outperform.
    | Wed, Jun. 1, 10:23 AM | 9 Comments
  • Tue, May 10, 7:27 AM
    • Q1 cash available for distribution of $107.1M or $0.58 per share vs. $118M and $0.63 in Q4. Distribution is $0.40.
    • Company has agreed to sell its manufactured housing portfolio for $2.04B, generating an IRR of roughly 20%. Sales leave the company will more than $900M in liquidity, and another $700M to come (including the manufactured housing sale).
    • Roughly $50M of stock bought back during quarter.
    • Earnings call at 9 ET
    • Previously: NorthStar Realty Finance reports Q1 results (May 10)
    • NRF +3.1% in thin premarket action.
    | Tue, May 10, 7:27 AM | 6 Comments
  • Fri, May 6, 5:37 PM
    • Top gainers, as of 5.25 p.m.: NSAM +6.5%. NRF +5.8%. HLF +2.7%. APOL +2.7%. CPA +2.3%.
    • Top losers, as of 5.25p.m.: AZN -4.8%. CS -2.3%. INOV -1.8%. SYNC -1.5%. ETSY -1.3%.
    | Fri, May 6, 5:37 PM
  • Fri, May 6, 4:19 PM
    | Fri, May 6, 4:19 PM | 28 Comments
  • Mon, Mar. 21, 11:20 AM
    • The previous special committee formed to explore strategic alternatives included three independent directors who were not also on the board of NorthStar Realty Finance (NRF +1.7%).
    • It appears that the iteration announced today has the special committee being made up only with those three independent board members. The special committee has hired Evercore Partners as financial advisor. It had already previously engaged a separate legal adviser.
    • NorthStar, of course, is under some activist pressure to ensure a fair process.
    • Source: Press Release
    • Previously: NorthStar flies on strategic plans (Feb. 25)
    • Previously: NorthStar Responds to Land and Buildings (Jan. 29)
    • NSAM +1.3%
    | Mon, Mar. 21, 11:20 AM | 10 Comments
  • Fri, Feb. 26, 9:17 AM
    | Fri, Feb. 26, 9:17 AM | 7 Comments
  • Thu, Feb. 25, 12:48 PM
    | Thu, Feb. 25, 12:48 PM
  • Thu, Feb. 25, 10:01 AM
    • Alongside a big cut in the dividend to $0.40 per share quarterly from $0.75 (to help fund buybacks, see below), NorthStar Realty Finance (NRF +20.1%) has hired UBS to advise on potentially recombining with NorthStar Asset Management (NSAM +6.1%).
    • As for other strategic initiatives, the company continues 1) sales or all or portions of its healthcare, manufactured housing, multifamily and net lease real estate; 2) sales or accelerated repayments of CRE loans, corporate debt investments, and real estate securities; 3) sales of all or a portion of real estate P-E fund interests.
    • Proceeds from those sales alongside money not sent out as dividends will be used to repurchase stock which management feels is trading at a dramatic discount to underlying value. The company intends to complete its existing $500M buyback authorization and then consider a new one (it bought back $118M of stock through year-end). Recourse debt (currently about $600M) will also be paid down.
    • Source: Press Release
    • NRE +4.5%
    | Thu, Feb. 25, 10:01 AM | 22 Comments
  • Thu, Feb. 25, 9:12 AM
    | Thu, Feb. 25, 9:12 AM | 9 Comments
  • Fri, Jan. 22, 9:44 AM
    • NorthStar Asset Management (NSAM +2.3%) is materially undervalued, says Land and Buildings' Jonathan Litt, with maybe 80% upside to what he figures is a NAV of $20 per share.
    • Just selling its public REIT management contracts to a third party or back to the public REITs could generate $2.6B, enough to pay a special dividend of $13 per share (last night's closing stock price was $10.68).
    • What's left of NSAM would still have considerable value, says Litt, with the Townsend asset management and consulting business as well as management contracts with private REITs.
    • For NorthStar Realty Finance (NRF +3.6%) - the most logical buyer of the public REIT management contracts - it has plenty of assets to sell to fund such a purchase. Once reconstituted, says LItt, it would be in position to grow as an internally managed REIT.
    • Litt congratulates the board for hiring Goldman to explore strategic alternatives, but is disappointed at the refusal to add new independent directors to oversee the strategic review process.
    • Previously: Strategic alternatives at NorthStar Asset Management; stock up 3.3% (Jan. 11)
    | Fri, Jan. 22, 9:44 AM | 12 Comments
  • Mon, Jan. 11, 4:12 PM
    • Blackstone (NYSE:BX) could have interest in entering the nontraded REIT business, says FBR's Daniel Altscher, and buying NorthStar Asset Management (NYSE:NSAM) could be a way in.
    • As for Apollo Global (NYSE:APO), Altscher reminds it tried, but failed to buy AR Capital last year.
    • Other possible suitors include traditional asset managers, brokers, sovereign wealth funds, PE funds, and insurance companies.
    • NorthStar's "stable income stream" could be used to support a far higher debt level, says Altscher, and the sale price could end up being at a meaningful premium to the current level. The stock gained 11% today,  but is off more than 40% Y/Y.
    • As for NorthStar Realty Finance (NYSE:NRF) and NorthStar Realty Europe (NYSE:NRE), a sale of either is unlikely, says Altscher.
    • Previously: Strategic alternatives at NorthStar Asset Management; stock up 3.3% (Jan. 11)
    | Mon, Jan. 11, 4:12 PM | 30 Comments
  • Sep. 30, 2015, 9:13 AM
    | Sep. 30, 2015, 9:13 AM
  • Sep. 29, 2015, 5:40 PM
    • Top gainers, as of 5.25 p.m.: SCOR +7.3%. RL +4.0%. NRF +3.5%. SUPN +2.9%. RJET +2.5%.
    • Top losers, as of 5.25p.m.: CUDA -21.0%. DMND -4.3%. PPP -3.1%. GPS -3.0%. SDRL -2.9%.
    | Sep. 29, 2015, 5:40 PM | 3 Comments
  • Mar. 5, 2015, 9:49 AM
    | Mar. 5, 2015, 9:49 AM
  • Mar. 3, 2015, 8:09 AM
    • The 60M share offering - of which 40M shares are subject to a forward sale agreement - priced at $18.65 each.
    • NRF -2.6% to $18.60 premarket
    • Previously: NorthStar Realty down 1.9% on secondary offering (March 2)
    • The offering means more assets to manage for NorthStar Asset Management (NYSE:NSAM), and that stock rose 2.7% in after hours trade last night.
    | Mar. 3, 2015, 8:09 AM
Company Description
NorthStar Realty Finance Corp. is a diversified commercial real estate company. The company originates, acquires and manages portfolios of commercial real estate debt, commercial real estate securities and net lease properties. It is also engaged in the asset management and other activities... More
Sector: Financial
Industry: REIT - Retail
Country: United States